Along the same lines as increased selection and competition is the challenge to market to potential customers effectively and retain your existing customers. Smartphones, social media, texting, email, twitter and other communication channels are making it easy for businesses and individuals to get their messages out. Figuring out the right marketing channels is key for businesses to be successful in the future. Where are your customers and how do you best reach them and what is the right
Where are your customers and how do you best reach them and what is the right message?
Once you get a new customer, how do you keep these customers when they are constantly barraged by competitors of all types, sizes, and locations, trying to convince them that they can do it better or provide it cheaper?
Identifying what your customers want and doing a better job of giving it to them will make all the difference in your company’s future.
The conservative spending climate is also causing a shrinking customer base. Consumers are still quite conservative with their pocketbooks, and as a result, organic growth from current and new customers is not growing as quickly as businesses would like. Business owners and executives are spending more time figuring out how to go above and beyond to keep existing customers, while at the same time figuring out how to cost-effectively reach new customers -- without competing solely on price, which always ends up to be a race to the bottom.